Biz Briefs

Statesman News Service | July 22, 2013 4:58 pm

Rupee fall: The rupee today fell by 37 paise, its biggest drop in two weeks, to close at 59.72 following month-end dollar demand from oil importers and some custodian banks coupled with capital outflows. pti Wage revision: The Cabinet is expected to soon take up the proposal to implement pay revision for executives and non-unionised supervisors of 18 sick public sector firms that have the potential to be revived. pti Stake purchase: ICICI Prudential today acquired nearly 44 lakh shares of Infotech Enterprises for about Rs 79 crore through open market transactions, according to bulk deal data available from stock exchanges. pti Moody&’s findings: RBI’s measures to bolster the exchange rate are credit negative for banks, Moody’s said. Last week, the RBI announced steps to tighten liquidity and address exchange rate volatility. pti RINL plan: Rashtriya Ispat Nigam Limited (RINL) has decided to prune stake in the $11-billion steel project in Afghanistan, the biggest investment proposal by a pack of seven Indian steel firms abroad. pti Tata Power: Tata Power has said it is developing a 28.8-MW photovoltaic-based solar project in Maharashtra. Tata Power Renewable Energy Ltd (TPREL) is developing the plant in Satara district of Maharashtra. pti Steel output: World’s average steel production grew by 1.9 per cent, more than double the rate India clocked, raising possibility of spurt in imports to keep pace with demand in the country. India produced 6.450 million tons steel in June. pti Reebok: Reebok India today said it has roped in John Abraham as its brand ambassador in a long-term deal. The company, which is repositioning Reebok as a fitness brand, however, did not disclose the value of the contract. pti